LOUISVILLE, Ky., Feb. 1 /PRNewswire/ --
Almost Family, Inc. (Nasdaq: AFAM) began trading under the symbol "AFAM"
effective this morning. The Company was previously known as Caretenders
HealthCorp and had traded under the symbol "CTND".
Almost Family, Inc. is an adult day health care services company focused
on providing alternatives for seniors and other special needs adults who wish
to avoid nursing home placement. The Company is the nation's largest and only
publicly traded adult day care company providing over 600,000 days of care and
generating over $43 million in revenues annually. The Company operates
25 adult day care centers with locations in Kentucky, Maryland, Alabama,
Massachusetts, Connecticut, Indiana, Ohio, and Florida. The Company opened
its 25th and newest center, located in Frankfort KY yesterday and plans to
open its next center in Owensboro KY later this month.
William B. Yarmuth, Chairman and CEO explained the Company's name change:
"One of the highest compliments you can pay to someone who is not a relative
is to say that they are 'almost family'. The services we provide are very
personal in nature and this is a type of relationship we strive for with our
customers. We know we can never be a part of their real family but we can be
the next best thing."
To highlight the Company's successes Yarmuth added: "During 1999 over
9,000 individuals benefited from our services, and as a direct result, were
able to avoid nursing home or other institutional care. These individuals
were able to enjoy a higher quality of life and remain in their own homes and
communities at a significantly lower cost than nursing home care."
The Company's adult day health centers provide professional, high quality
adult day health services for disabled or frail adults who require some care
or supervision, but who do not require intensive medical attention or
institutionalization. The average center provides care for over 60 guests per
day, seven days a week. Round-trip transportation is available to each guest.
The centers offer a range of therapeutic and medical services designed to
promote the independence of participants and provide respite to families and
caregivers. On-site staff nurses administer medications and give attention to
medical care. Other services include (i) a light breakfast, a hot lunch, and
an afternoon snack; (ii) a highly structured, individualized and creative
activities program which includes recreation, education, field trips, sports,
crafts, music and group conversations; and (iii) family counseling.
In addition to services provided within the Company's day centers, some
adult day health services are also provided in the patients' homes. These
services (generally provided by para-professional staff such as home health
aides) are very similar in nature to the care provided in the Company's
facility. This flexibility allows the patient and/or his or her family to
select the venue (or combination of venues) of care that is appropriate for
them. Many Almost Family adult day health patients receive care both at home
and in the Company's facilities. The Company's charges for its services are
typically significantly less than the cost of assisted living arrangements or
nursing home care.
The Company plans to release its earnings report for the quarter and nine-
months ended December 31, 1999 tomorrow morning.
Contact: William Yarmuth or Steve Guenthner (502) 899-5355.
All statements, other than statements of historical facts, included in
this news release, including the objectives and expectations of management for
future operating results, are forward-looking statements. These forward-
looking statements are based on the Company's current expectations. Although
the Company believes that the expectations expressed or implied in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
Because forward-looking statements involve risks and uncertainties, the
Company's actual results could differ materially. The potential risks and
uncertainties which could cause actual results to differ materially could
include the impact of further changes in healthcare reimbursement systems,
government regulation; health care reform: pricing pressures from third-party
payers; and changes in laws and interpretations of laws relating to the
healthcare industry. For a more complete discussion regarding these and other
factors which could affect the Company's financial performance, refer to the
Company's Securities and Exchange Commission filing on Form 10-K for the year
ended March 31, 1999, in particular information under the headings "Business"
and "Management's Discussion and Analysis of Financial Condition and Results
of Operations." The Company disclaims any intent or obligation to update its
forward-looking statements.
SOURCE Almost Family, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/784275.html or fax,
800-758-5804, ext. 784275
CONTACT:
William Yarmuth, or Steve Guenthner, both of
Almost Family, Inc., 502-899-5355
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